A CoinShares report this week points to a quiet decoupling.
From Q2 2025 to Q2 2026, total DeFi deposits fell ~15%. Over the same window, RWA deposits in lending and DEX protocols rose from $2.3B to $7.4B, more than 3x, while RWA spot volume climbed ~220%.
RWA demand is starting to move on its own logic, driven by real yield and utility rather than the crypto cycle.
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